Kodak has just reported that they will release their own cryptocurrency by the end of January. A virtual currency that will be exclusively for photographers. Kodak has released a statement saying that their new cryptocurrency will build a foundation for a encrypted, digital ledger of rights ownership for photographers.
Kodak’s new blockchain can be used by photographers to submit their photos. The KODAKCoin will work as a means for individuals to exchange within the platform. Furthermore, the company has reported that users will not only be able to receive payments in the cryptocurrency, but also purchase rights.
The KODAKCoin is groundbreaking for the company as this is the first time they’ve shown interest in cryptocurrency. One would have never predicted this seeing as the recent evolution of photography has seen Kodak struggle to keep its head above water within the last few years. That said, they have recovered completely from a 2013 brush with bankruptcy and now focus primarily on digital film and printing.
“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem. Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.” Said Kodak CEO, Jeff Clarke.
When it comes to the ICO it still isn’t clear what Kodak is aiming for, but the company has assured that the token sales will be open to accredited investors in Canada and the United States on January 31. That said, Market data predicts that Kodak is experiencing a bit of luck at the moment due to this recent announcement. They have risen by 37% since they’ve come out about the KODAKCoin.